Sudikoff Agrees to Pay in SEC Action

Former Los Angeles Kings co-owner Jeffrey Sudikoff, who was sentenced last week to a year in federal prison and fined $3 million for insider trading, also has agreed to pay more than $850,000 to settle a civil action brought against him by the Securities and Exchange Commission. Both cases grew out of his actions while chief executive of now defunct IDB Communications Group of Culver City, which grew into a major global satellite network and a favorite of Wall Street traders during the early 1990s. Under terms of the proposed settlement, which must by ratified by the SEC, the 44-year-old Brentwood resident also would be barred from serving as a corporate officer or director of a publicly traded company for 12 years. Without admitting or denying any wrongdoing in the SEC case, Sudikoff also agreed to be enjoined from violating any federal securities regulations, including those barring the falsification of company books and withholding information from the commission. In the criminal case, Sudikoff pleaded guilty to two counts of illegal insider trading and one count of failing to file a proper form with the SEC. Sudikoff, who co-owned the Kings hockey team from 1994 to 1995, is scheduled to begin serving his prison sentence Jan. 28.